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Anyone start a 529 for their child and regret it?

greyt00greyt00 member
edited June 2014 in Special Needs
DS1 has ASD.  I know that people on spectrum go to college and we have no idea how DS1 will develop and we should have every hope for him and reach for the stars.  I know that plenty of NT people don't go to college, either.  But I wish we had invested this money differently now.  We made a huge lump sum when he was born.  We made a pretty big lump sum when DS2 was born as well.  We can transfer money from 1 fund to the other, and we may do that.... but I sure hope someone can use it.  We need to talk to a financial planner and we will.  Just wonder if anyone else feels like this.  Pretty odd to feel like you saved too much money for college too soon. 

 
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Re: Anyone start a 529 for their child and regret it?

  • A2TPA2TP member
    My DH works in finance and I have asked him the same questions. He firmly believes that a 529 is the way to go for our DS1 (who also has ASD). His ASD is mild and it's not hard to picture him pursuing some kind of advanced education. We also have two other children whom it could be transferred to. The tax penalties are also not unfavorable for us vs. traditional investments. This may be based on our income level.

    Sorry, I am a little vague on the details because it's one area I can completely delegate to DH but I have asked him several times if we should continue our contributions.
    DS1: 09.12.10
    DS2 & DD1: 01.14.13
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  • greyt00greyt00 member
    My DS1 is moderately affected so it's a worry for me. 

     
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  • Princess_LilyPrincess_Lily member
    A family member with ASD is going to be a neurosurgeon. She got accepted to the majority of her schools of choice. The school she chose, just 1yr at her college is $60,000.00...and that's for a bachelors degree!

    Yeah...529 is good. :D
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  • Princess_LilyPrincess_Lily member
    Oh, I have no idea why the parents insisted on this one school - I imagine them hearing people saying that it may not be the wisest decision, pushed their reasoning into favoring this school.

    I hope just hope she has a positive experience in a very socially pressured school, combined with being 3000mi away from home.
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  • bliss611bliss611 member
    I still think they are worthwhile. You do not know the child will not go for higher education. It can be transferred, not only to a sibling, but to the parents or first cousins. It can also be used for grad school for any of those people.

    Worst case scenario - you pull it out and it gets taxed (like it would have been if you invested in another taxable investment). Only lousy part is the penalty but personally I'd rather be prepared for their college expenses and risk the penalty rather than not be prepared.
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